Day Ahead

Monday, March 18, 2013, Marketing Communication FTSE 100, Daily In the past couple of weeks the FTSE had posted some minor profit taking. However the price action in recent days has lifted the index back to fresh multi year highs and the index has maintained the near term bullish trend, black line. On today’s Cyprus news the market posted some early profit taking, however the wall of buying seen in recent weeks is clearly still in place. With the market rallying off the intraday lows today and currently down a relatively minor 40 points at 6450. As mentioned in the past few weeks the RSI over this period has posted bearish divergence, as higher highs in price are not matched with higher highs in RSI, upper red lines. What is interesting however is that since then it has posted an RSI Positive Reversal, Gold line. Positive Reversals often occur after bearish divergence, as in this case, but rather than confirming the negative outlook of the bearish divergence it actually signals significant buying pressure. The underlying logic is quite simple, essentially it highlights that RSI in the past few days has posted a lower low. This has followed the RSI Bearish Divergence, so we would fully ‘expect’ the FTSE 100 also to have posted a lower low in price. It has not as it has posted the bullish trading range, red channel. This is positive divergence. The fact that this has occurred at the RSI 50 level also helps the bulls believe that the underlying buying trend remains in tact, and that once the near term nervousness has passed the FTSE 100 has higher to go. The intraday selloff today found support from the existing near term strong trend line, green line on graph. While this trend holds the outlook remains optimistic, moves under this level could create profit taking moves down to the near term bullish trading range support, black line. Only levels below this support would start to suggest that the strong buying momentum seen in recent weeks was looking to unwind. FTSE 100, Weekly Last updated, March 4, 2013 The graph above throws up a possible Elliott Wave count on the FTSE 100. We can see how from the 2009 lows there was a fairly clear impulse move higher, Black 1-5, followed by a simple abc correction. Another impulse move higher brought us up to the highs of 2011. From these highs the FTSE appears to have set up a combination correction. With a simple abc followed by an ascending triangle c wave, in green. This possible count is giving quite an optimistic upside target limit. As Wave 3 of an impulse cannot be the shortest wave within an impulse. Wave 3 on this count is less than the height of Wave 1, so we know that Wave 5 cannot move further than the highest of Wave 3 without negating this potential count. This level is up at 7136. This is the height of Wave 3 projected onto the low of corrective Wave e. Elliott Waves often also throw up resistance and support areas by projecting lines off waves 1 and 3, and 2 and 4. The upper purple line is not intersecting with this upper Elliott Wave target limit until December 2013. So if the pace of the current move from the 2009 lows continues we are not set to test this considerable upside cap until the traditional Santa rally emerges. So from an Elliott Wave perspective over this timescale there are bullish arguments for a move up through and beyond the al time highs, and that this strength could start to fail early in 2014. The highs of corrective waves b and d could be used as levels to negate this potential count. FTSE 100, Monthly Text last updated, February 4th, 2013 The monthly timescale naturally takes the long term view so the commentary in this section will only be updated as when market events dictate. So regular readers of this report will only need to read the monthly and weekly sections on a relatively infrequent basis. However we include all the information to give new readers the full picture. The monthly graph for the FTSE 100 quite clearly shows how the index posted an extremely powerful move into the end of the last century, first red line. From the all time highs in the index at 6950 the FTSE slumped 50% to the 2003 lows. In hindsight we can see this move as an understandable and even justifiable re-examination of the strong gains posted in the previous 20-30 years. The market currently remains well above these lows, which tells us that the Eurozone sovereign debt issues, technically at least, are not as significant as the general press would have us believe. The FTSE remains in a trendless state, having posted lower highs in 2007, and higher lows in 2008, converging black lines. Retracement levels calculated from the all time highs to the 2003 lows create some interesting levels. We suspect that these levels will continue to be of use for the quarters ahead. The FTSE 100 remains in a trendless state over the long term, with lower highs and higher lows, trading in the shadow of the TMT sell-off. Moves under the longer term trend line, far right red diagonal line, could trigger the start of a more significant retracement, as seen with the breaks lower in 2001 and 2008. The breaks above the 2011 highs have opened up more optimistic long-term targets, with moves up to the 2007 highs now seen on the cards, while the strong longer term trend holds. S&P 500 Graph, Monthly The S&P monthly graph is uploaded to show how the broader US index index has moved within 10 points of posting fresh all time highs. Nikkei 225, Quarterly, Semi-log Text last updated, December 3rd, 2012 Enclosed above is a quarterly graph on the Nikkei. We include this for those readers who may simply assume that all major stock markets are in a perennial bull trend, with only temporary bearish aberrations. This shows that G7 nations can be, and indeed some have been, in major bearish trends for over 25 years. While also highlighting the strong rally seen in the Nikkei in the start of 2013. Contact Us For Spread Bet Sales:- 0044 (0) 207 894 8800 For CFD Sales/Traders:- 0044 (0) 207 894 8883 E-mail:- sales@cantorcapital.com Graphs Graph images are created on Bloomberg, and remain under copyright to Bloomberg. Depending on your email settings the images contained in this note may not be downloaded correctly on the first viewing. Select the view 'Web version' link on the header, which will open a browser window that will display the images correctly. Unsubscribing From E-mails If you would like to be removed from all Cantor Capital Commentary notes then please click on the ‘Update Preferences’ link on the header, or the ‘Edit your subscription’ link on the footer and select the ‘Unsubscribe’ link at the bottom of this page that appears. This will remove your email from all Cantor Capital Commentary distribution lists. Regulatory Disclaimer This market commentary note (“note”) has been issued by Cantor Fitzgerald Europe (“CFE”), which is authorised and regulated by the Financial Services Authority (“FSA”). Cantor Index is a trading name of CFE. This note is defined by the FSA as a marketing communication. This note has been prepared and distributed for information purposes only and represents the personal views and opinions of the sender. This note is not “investment research”, a “research recommendation” or a product of the Research Department. Please be aware that the CFE Research Department may issue a formal recommendation and target price on the stocks mentioned, which may differ from the opinion given here.  This note may contain information obtained by CFE from third parties; the source of information will usually be disclosed.  CFE makes no representation and gives no warranty as to the accuracy or completeness of the contents of this note. Any person placing reliance upon this note does so at their own risk. Investors should consider this note as only a single factor in making their investment decision. The investment discussed in this note may be unsuitable for investors depending on their specific investment objectives and financial position. CFE, its officers, employees and affiliates shall not be liable to any person in any way whatsoever for any losses, costs or claims howsoever arising from any inaccuracies or omissions in this note or any reliance on this note. The recipient is strongly recommended to see independent legal, tax and financial advice. Past performance is not necessarily a guide to future performance. Income from investments may fluctuate. The price or value of the investments to which this note relates; either directly or indirectly, may fall or rise against the interest of investors. This note should not be considered to be a solicitation nor an offer of advice for the purposes of the sale or purchase of any security, investment or derivative.  The information contained in this note is not intended to form the basis of any investment decision and should not be considered a recommendation by CFE or any other person in relation to any of the companies, stock, commodities, currencies or other markets mentioned / referred to in this note. All the information contained herein is based upon information available to the public and has been obtained from sources believed to be reliable. However, the information contained in this note has not been verified by CFE and CFE undertakes no obligation to provide recipients of this note with any additional information or any update to or correction of the information contained in this note. This note is provided by CFE and may be forwarded unamended and in its entirety. This note may not be used in whole or in part to create any other work. All rights reserved. CFE is authorised and regulated by the FSA under Firm Reference Number 149380. CFE - FSA Register Information: http://www.fsa.gov.uk/register/firmBasicDetails.do?sid=61341 Registered in England No. 02505767 Registered Address: 17 Crosswall, London, EC3N 2LB Risk Warning Trading CFDs carries a high level of risk to your capital and is not suitable for all customers. Furthermore, margined products use leverage to increase the level of exposure to the product, and as a result your losses may substantially exceed your initial deposit and require you to make additional deposits at short notice. Prior to trading leveraged CFDs, you should carefully consider your investment objectives, experience and risk appetite and should not invest money that you cannot afford to lose. Spread Bets are leveraged products placing your capital at risk. Losses can quickly exceed your initial deposit and thus require you to make additional deposits at short notice to maintain your positions. Leveraged products are not suitable for all customers. Please ensure you understand the risks involved before opening an account. You should ensure you fully understand the risks and seek independent financial advice if in doubt. CFE provides an execution only service and does not offer investment advice. These products are not intended for people under the age of 18 or for US residents. The distribution of this note in other jurisdictions may be restricted by law and persons into whose possession this note comes should inform themselves about and observe any such restrictions. By accepting this note you agree to be bound by the foregoing instructions.

Click for more »

Day Ahead

Monday, March 18, 2013, Marketing Communication Cantor Opening Call The FTSE is called down a hefty 120 points lower today on the Cyprus news UK Corporate Announcements Berkeley Group states that he remains on track to met its targets for the year, and expects to grow its land bank by 10% Ted Group announces full year revenues of £22.4m and a gross profit of £4.61m M&C Saatchi announces full year revenues of £169.5m up 11% and a pre-tax profit of £17.2m up 10% and stays confident on its outlook UK Market News The UK government has made suggestions that there will be a parliamentary deal over media regulation The Telegraph writes on how the owners of the Sun, Telegraph and Daily Mail have threatened to boycott any new press regulator Easyjet may get some press today as its inaugural flight to Moscow takes off today The Telegraph suggests that a Qatari based fund is considering an £8bn move for Marks & Spencer Speculation continues that the UK could lose out on plans to have a new nuclear power plant built, the first for two decades, unless it is able to agree to billions in subsidies Waitrose is reportedly looking at whether the planned tie-up between Ocado and Morrisons would breach its current contract UK Analyst Changes Az Electronic Materials Rated New Buy At Liberum, Pt 440P Clarkson Cut To Neutral Vs Overweight At Jpmorgan Faroe Petroleum Rated New Buy At Liberum, Pt 198P ICAP Added to UBS’s Least Preferred List, Cuts Schroders Thomas Cook Group Pt Raised To 150P Vs 100P At Morgan Stanley Thomas Cook Raised To Equalweight Vs Underweight At Barclays UK Insider Buying Cvs Group Plc, (CVSG), 1 insider(s) bought 3000 shares, £1.89 Enteq Upstream Plc, (NTQ), 1 insider(s) bought 25743 shares, £0.67 F&C Asset Management P, (FCAM), 1 insider(s) bought 30000 shares, £1.07 Gable Holdings Inc, (GAH), 1 insider(s) bought 51000 shares, £0.49 Guinness Peat Group Pl, (GPG), 1 insider(s) bought 50000 shares, £0.33 Impellam Group Plc, (IPEL), 1 insider(s) bought 2298 shares, £4.34 Nighthawk Energy Plc, (HAWK), 2 insider(s) bought 450000 shares, £0.04 Statpro Group Plc, (SOG), 1 insider(s) bought 6000 shares, £0.83 UK Insider Selling Arm Holdings Plc, (ARM), 1 insider(s) sold 20000 shares, £9.43 Brammer Plc, (BRAM), 1 insider(s) sold 10000 shares, £3.76 Carpetright Plc, (CPR),  insider(s) sold 300000 shares, £6.49 Croda International Pl, (CRDA), 1 insider(s) sold 400 shares, £26.79 Devro Plc, (DVO), 3 insider(s) sold 80322 shares, £3.47 Hargreaves Lansdown P, (HL/), 1 insider(s) sold 10000 shares, £8.98 Hsbc Holdings Plc, (HSBA), 1 insider(s) sold 60000 shares, £7.32 Restaurant Group Plc, (RTN), 1 insider(s) sold 96661 shares, £4.4 Rolls-Royce Holdings P, (RR/),  insider(s) sold 44000 shares, £10.92 Weir Group Plc/The, (WEIR), 1 insider(s) sold 1008 shares, £24.61 Xstrata Plc, (XTA), 1 insider(s) sold 500000 shares, £11.58 FTSE 100 Movers Major European Companies Reporting None Detailed European Market Summary HSBC states that the Cyprus issues run the risk of a return to contagion fears as the country is to seize as much as 9.9% of deposits to help pay for the nation’s bailout. Pimco’s Bill Gross states that the levy moves risk-on to the backseat and is likely to cause an increased outflow of funds from bank accounts in Spain and Italy While Moody’s states that the move was negative for depositors across Europe Latvia has been lifted to Baaa2 by Moody’s citing its resilient economic growth German two year yields have dropped back below zero, for the first time since January Ericsson and STMicroelectronics agree to split up ST-Ericsson Malta sells bills at 11:00, France sells up €7bn in bills at 14:50 Major US Stock Movers After Hours Phoenix Cos fell 3% after hours as it announced that it may not meet the deadlines for filing Q3 2012 numbers S&P 500 Companies Reporting None Detailed US Market News Barron’s suggests that Globe Specialty Metals could slip by as much as 20% as no sign is seen in a recovery in solar powered markets The paper also suggests that The Pantry could gain 20% as its earnings improves and as it repays its obligations The FT writes that Offshore drilling contractor Transocean is to formally reject a move from activist investor Carl Icahn who demanded that the company paid a higher dividend, as well as appoint three new directors. Bristow the US based helicopter group is reportedly set to secure the £3bn UK helicopter search and rescue contract Overnight Market News The Shanghai Stock Exchange is to permit T+0 trading on bond exchange ETFs from today, it had previously banned the system in 1995 to halt concerns on speculation China Daily details how commercial property and office building sales surged in Beijing in early March, following the governments moves to dampen down residential property speculation Australia’s Treasurer has stated that the country faces a massive hit to its revenues and that this could push the nation further into deficit FX News The euro has lost ground against the yen as the safe haven buying returns Bloomberg details how the carry trade in Latin American currencies stays strong, as international funds sell short the currencies with near zero interest rates and rotate funds into the likes of the Brazilian real, and pushes local currencies into the longest rally for over 3 years And causing the likes of Mexico’s Deputy Finance Minister to respond to talk as he states that the government was not planning any measures to curb the peso’s advance Top Commodity News Industrial Commodity prices came off on the Cyprus news, with copper for example off by its sharpest for five months Gold gained 1.1% as its safe haven status returns and following the sharp sell-off seen in recent months and following the downgrades from the likes of Goldman and Bank of America Easter Holiday This will be the last Day Ahead until after the upcoming extended weekend, Happy Easter Economic Data Due 00:01 UK March Rightmove House Prices, 2.8% previous 10:00 Eurozone January Trade Balance, -€1.3bn exp. €11.7bn previous Economic Events Dow Jones Quarterly Review becomes effective US Senate meets on Budget Eurozone Trade Balance Contact Us For Spread Bet Sales:- 0044 (0) 207 894 8800 For CFD Sales/Traders:- 0044 (0) 207 894 8883 Email:- sales@cantorcapital.com Footnotes Cantor Call, as at 7:00am Analyst Changes, as at 6:45am Times given are UK Local Time, (GMT or GMT +1 during BST) Insider Deals data compiled from Director/PDMR Shareholding forms published in the past 24 hours (ex weekends). Major European Companies defined as those companies in the STOXX Europe 600 Index FTSE 100 Movers, Blue >0.25%, Green <0.25% > -0.25%, Red < -0.25%, Font size dependent on percentage size of move This note is compiled using information / charts from financial data providers such as Bloomberg and Reuters, as well as from the general financial / business media Regulatory Disclaimer This market commentary note (“note”) has been issued by Cantor Fitzgerald Europe (“CFE”), which is authorised and regulated by the Financial Services Authority (“FSA”). Cantor Index is a trading name of CFE. This note is defined by the FSA as a marketing communication. This note has been prepared and distributed for information purposes only and represents the personal views and opinions of the sender. This note is not “investment research”, a “research recommendation” or a product of the Research Department. Please be aware that the CFE Research Department may issue a formal recommendation and target price on the stocks mentioned, which may differ from the opinion given here.  This note may contain information obtained by CFE from third parties; the source of information will usually be disclosed.  CFE makes no representation and gives no warranty as to the accuracy or completeness of the contents of this note. Any person placing reliance upon this note does so at their own risk. Investors should consider this note as only a single factor in making their investment decision. The investment discussed in this note may be unsuitable for investors depending on their specific investment objectives and financial position. CFE, its officers, employees and affiliates shall not be liable to any person in any way whatsoever for any losses, costs or claims howsoever arising from any inaccuracies or omissions in this note or any reliance on this note. The recipient is strongly recommended to see independent legal, tax and financial advice. Past performance is not necessarily a guide to future performance. Income from investments may fluctuate. The price or value of the investments to which this note relates; either directly or indirectly, may fall or rise against the interest of investors. This note should not be considered to be a solicitation nor an offer of advice for the purposes of the sale or purchase of any security, investment or derivative.  The information contained in this note is not intended to form the basis of any investment decision and should not be considered a recommendation by CFE or any other person in relation to any of the companies, stock, commodities, currencies or other markets mentioned / referred to in this note. All the information contained herein is based upon information available to the public and has been obtained from sources believed to be reliable. However, the information contained in this note has not been verified by CFE and CFE undertakes no obligation to provide recipients of this note with any additional information or any update to or correction of the information contained in this note. This note is provided by CFE and may be forwarded unamended and in its entirety. This note may not be used in whole or in part to create any other work. All rights reserved. CFE is authorised and regulated by the FSA under Firm Reference Number 149380.   CFE - FSA Register Information: http://www.fsa.gov.uk/register/firmBasicDetails.do?sid=61341 Registered in England No. 02505767 Registered Address: 17 Crosswall, London, EC3N 2LB Risk Warning Trading CFDs carries a high level of risk to your capital and is not suitable for all customers. Furthermore, margined products use leverage to increase the level of exposure to the product, and as a result your losses may substantially exceed your initial deposit and require you to make additional deposits at short notice. Prior to trading leveraged CFDs, you should carefully consider your investment objectives, experience and risk appetite and should not invest money that you cannot afford to lose. Spread Bets are leveraged products placing your capital at risk. Losses can quickly exceed your initial deposit and thus require you to make additional deposits at short notice to maintain your positions. Leveraged products are not suitable for all customers. Please ensure you understand the risks involved before opening an account. You should ensure you fully understand the risks and seek independent financial advice if in doubt. CFE provides an execution only service and does not offer investment advice. These products are not intended for people under the age of 18 or for US residents. The distribution of this note in other jurisdictions may be restricted by law and persons into whose possession this note comes should inform themselves about and observe any such restrictions. By accepting this note you agree to be bound by the foregoing instructions.

Click for more »

Week Ahead

Friday March 15, 2013, Marketing Communication Monday March 18, 2013 UK Reporting: Berkeley Group Holdings, BKG, (R), Diageo Plc, DGE, (Pr), Diageo Plc, DGE, (Pr), John Laing Infrastructure Fu, JLIF, e, (CC), Kofax Plc, KFX, (Pr), Ruspetro Plc, RPO, (R), Severfield-Rowen Plc, SFR, (SM), Unilever Plc, ULVR, (Pr), William Hill Plc, WMH, (SM) S&P 500 Reporting: None Scheduled Euro Stoxx 600 Reporting: None Scheduled Economic Data: 00:01 UK March Rightmove House Prices, 2.8% previous 10:00 Eurozone January Trade Balance, -€1.3bn exp. €11.7bn previous Economic Events: Dow Jones Quarterly Review becomes effective US Senate meets on Budget Corporate Action:- Talvivaara Mining, Rights issue starts trading, right allows buying 6 shares at €0.16/share Tuesday March 19, 2013 UK Reporting: Bg Group Plc, BG, (Pr), Britvic Plc, BVIC, (SM), Brunner Investment Trust Plc, BUT, (SM), Cairn Energy Plc, CNE, e, (CC), Cairn Energy Plc, CNE, (R), Domino Printing Sciences Plc, DNO, (SM), Emblaze Ltd, BLZ, e, (R), Exillon Energy Plc, EXI, (SM), Imi Plc, IMI, (Pr), Imperial Tobacco Group Plc, IMT, (Pr), Imperial Tobacco Group Plc, IMT, (Pr), Sainsbury (J) Plc, SBRY, (R), Sainsbury (J) Plc, SBRY, (R), Sainsbury (J) Plc, SBRY, (R), Johnston Press Plc, JPR, e, (CC), Johnston Press Plc, JPR, (R), Legal & General Group Plc, LGEN, (Pr), Mears Group Plc, MER, (R), National Grid Plc, NG, (Pr), National Grid Plc, NG, (Pr), Royal Bank Of Scotland Group, RBS, (Pr), Spirit Pub Co Plc, SPRT, (R), Spirit Pub Co Plc, SPRT, (R), Sse Plc, SSE, (Pr), Utv Media Plc, UTV, (R), Vectura Group Plc, VEC, (Pr), Xaar Plc, XAR, (R) S&P 500 Reporting: Adobe Systems Inc, Q1, 0.311,  Cintas Corp, Q3, 0.617 Euro Stoxx 600 Reporting: Baloise Holding AG, R, 9.022,  Banca Popolare di Milano Scarl, R, 0.01,  Cairn Energy PLC, R, 0.015,  Iliad SA, R, 2.98,  Partners Group Holding AG, R, 9.664,  Royal Imtech NV, R, 1.584,  Swiss Prime Site AG, R, 3.62 Economic Data: 09:30 UK February PPI Output, 0.3% exp. 0.2% previous 09:30 UK February CPI, 0.7% exp. -0.5% previous 10:00 Eurozone March ZEW Survey 6.0 exp. 5.2 previous 12:30 US February Housing Starts, 915k exp. 890k previous Economic Events:- None Detailed Wednesday March 20, 2013 UK Reporting: Charles Taylor Plc, CTR, (R), Chemring Group Plc, CHG, (SM), Eurasian Natural Resources, ENRC, e, (CC), Eurasian Natural Resources, ENRC, (R), Greggs Plc, GRG, e, (CC), Greggs Plc, GRG, (R), Hicl Infrastructure Co Ltd, HICL, (SM), Innovation Group Plc, TIG, (SM), Lonrho Plc, LONR, e, (R), Melrose Industries Plc, MRO, (Pr), Resolution Ltd, RSL, (SM), Rolls-Royce Holdings Plc, RR, (Pr), Safestore Holdings Plc, SAFE, (SM), Smiths Group Plc, SMIN, e, (CC), Smiths Group Plc, SMIN, (R), Throgmorton Trust Plc, THRG, (SM), Uk Commercial Property Trust, UKCM, e, (CC), Wpp Plc, WPP, (Pr), Wpp Plc, WPP, (Pr) FTSE 100 Dividends: Anglo American PLC, AAL, ($0.53),  Aviva PLC, AV/, (9),  HSBC Holdings PLC, HSBA, ($0.18),  InterContinental Hotels Group PLC, IHG, (27.70) FTSE 100 Estimated Dividend Impact: 11.8 points FTSE 250 Dividends: Alliance Trust PLC/The, ATST, (2.3175),  Berkeley Group Holdings PLC, BKG, (15),  Close Brothers Group PLC, CBG, (15),  Dunelm Group PLC, DNLM, (4.50),  Ferrexpo PLC, FXPO, (.066),  Galliford Try PLC, GFRD, (12),  Go-Ahead Group PLC, GOG, (25.50),  International Personal Finance PLC, IPF, (4.50),  Ladbrokes PLC, LAD, (4.60),  Lancashire Holdings Ltd, LRE, ($0.10), Law Debenture Corp PLC/fund, LWDB, (9.75),  Millennium & Copthorne Hotels PLC, MLC, (11.51),  Moneysupermarket.com Group PLC, MONY, (3.94) FTSE Small Share: BlackRock Commodities Income Investment Trust PLC, BRCI, (1.475),  BlackRock Latin American Investment Trust PLC, BRLA, ($0.25),  Low & Bonar PLC, LWB, (1.60),  S&U PLC, SUS, (.12) S&P 500 Reporting: FedEx Corp, Q3, 1.389,  General Mills Inc, Q3, 0.567,  Jabil Circuit Inc, Q2, 0.533,  Lennar Corp, Q1, 0.149,  Oracle Corp, Q3, 0.662 Euro Stoxx 600 Reporting: Eurasian Natural Resources Corp PLC, R, 0.514,  Eurazeo, R, 0.97,  Flughafen Zuerich AG, R, 25.765,  IMMOFINANZ AG, Q3, 0.03,  Metro AG, R, 2.405,  Rheinmetall AG, R, 4.734,  Smiths Group PLC, S1, 0.4 Economic Data: 09:30 UK February Jobless Claims Change, -5.0k exp. -12.5k previous 15:00 Eurozone Consumer Confidence, -23.0 exp. -23.6 previous 18:00 US FOMC Rate Decision, 0.25% exp. 0.25% previous Economic Events: 09:30 UK Bank of England Minutes UK Chancellor presents Budget to Parliament Market Holiday: Japan Markets Closed - Vernol Equinox Day Thursday March 21, 2013 UK Reporting: Barr (A.G.) Plc, BAG, (R), Amec Plc, AMEC, (SM), Astrazeneca Plc, AZN, (SM), Barclays Plc, BARC, (Pr), Goldenport Holdings Inc, GPRT, (R), Imagination Tech Group Plc, IMG, (SM), Lamprell Plc, LAM, e, (CC), Lamprell Plc, LAM, (R), Mecom Group Plc, MEC, (R), Next Plc, NXT, (R), Premier Farnell Plc, PFL, (R), Premier Oil Plc, PMO, (R), Ted Baker Plc, TED, e, (CC), Ted Baker Plc, TED, (R), Ultra Electronics Hldgs Plc, ULE, (Pr), United Utilities Group Plc, UU, (R), Vesuvius Plc, VSVS, (Pr), Vesuvius Plc, VSVS, (R) S&P 500 Reporting: ConAgra Foods Inc, Q3, 0.563,  Discover Financial Services, Q1, 1.103,  Micron Technology Inc, Q2, -0.196,  NIKE Inc, Q3, 0.672,  Ross Stores Inc, Q4, 1.07 Euro Stoxx 600 Reporting: Brenntag AG, R, 6.255,  Groupe Eurotunnel SA, R, 0.049,  Havas SA, R, 0.343,  Hennes & Mauritz AB, Q1, 1.586,  Hermes International, R, 6.772,  Next PLC, R, 2.827,  Premier Oil PLC, R, 0.544,  United Internet AG, R, 0.765,  Vesuvius PLC, R, 0.367 Economic Data:- 09:00 Eurozone March PMI Manufacturing 48.2 exp. 47.9 previous 09:30 UK February Retail Sales, 0.5% exp. -0.5% previous 12:30 US Initial Jobless Claims, 343k exp. 332k previous 14:00 US February Leading Indicators, 0.3% exp. 0.2% previous Economic Events: None Detailed Friday March 22, 2013 UK Reporting: Euromoney Instl Investor Plc, ERM, (R), Homeserve Plc, HSV, (R), Imagination Tech Group Plc, IMG, (SM), Intertek Group Plc, ITRK, (Pr), Phoenix Group Holdings, PHNX, e, (CC), Phoenix Group Holdings, PHNX, (R), Phoenix Group Holdings, PHNX, (R) S&P 500 Reporting: Darden Restaurants Inc, Q3, 1.016,  Tiffany & Co, Q4, 1.358 Euro Stoxx 600 Reporting: Banca Popolare di Sondrio SCARL, R, 0,  Groupe Bruxelles Lambert SA, R, 3.555,  GSW Immobilien AG, R, 1.342 Economic Data:- 09:00 German March IFO, 107.5 exp. 107.4 previous. Economic Events:- None Detailed Easter This will be the last Week Ahead note until after the Easter Weekend, 29th March - 1 April Contact Us For Spread Bet Sales: +44 (0) 207 894 8800 For CFD Sales/Traders: +44 (0) 207 894 8883 Email: sales@cantorcapital.com Footnotes Times given are UK Local Time, (GMT or GMT +1 during BST) Dividends:- net prices are given as default, however where applicable gross dividends are detailed (g) UK Results Key:- (CC) Conference Call, (Pr) Press Event, News Conference, (R) Results, Interims/Finals, (SM) Shareholder Meeting,  (Oth) Other  Regulatory Disclaimer This market commentary note (“note”) has been issued by Cantor Fitzgerald Europe (“CFE”), which is authorised and regulated by the Financial Services Authority (“FSA”). Cantor Index is a trading name of (CFE). This note is defined by the FSA as a marketing communication. This note has been prepared and distributed for information purposes only and represents the personal views and opinions of the sender. This note is not “investment research”, a “research recommendation” or a product of the Research Department. Please be aware that the CFE Research Department may issue a formal recommendation and target price on the stocks mentioned, which may differ from the opinion given here.  This note may contain information obtained by CFE from third parties; the source of information will usually be disclosed.  CFE makes no representation and gives no warranty as to the accuracy or completeness of the contents of this note. Any person placing reliance upon this note does so at their own risk. Investors should consider this note as only a single factor in making their investment decision. The investment discussed in this note may be unsuitable for investors depending on their specific investment objectives and financial position. CFE, its officers, employees and affiliates shall not be liable to any person in any way whatsoever for any losses, costs or claims howsoever arising from any inaccuracies or omissions in this note or any reliance on this note. The recipient is strongly recommended to see independent legal, tax and financial advice. Past performance is not necessarily a guide to future performance. Income from investments may fluctuate. The price or value of the investments to which this note relates; either directly or indirectly, may fall or rise against the interest of investors. This note should not be considered to be a solicitation nor an offer of advice for the purposes of the sale or purchase of any security, investment or derivative.  The information contained in this note is not intended to form the basis of any investment decision and should not be considered a recommendation by CFE or any other person in relation to any of the companies, stock, commodities, currencies or other markets mentioned / referred to in this note. All the information contained herein is based upon information available to the public and has been obtained from sources believed to be reliable. However, the information contained in this note has not been verified by CFE and CFE undertakes no obligation to provide recipients of this note with any additional information or any update to or correction of the information contained in this note. This note is provided by CFE and may be forwarded unamended and in its entirety. This note may not be used in whole or in part to create any other work. All rights reserved. CFE is authorised and regulated by the FSA under Firm Reference Number 149380.   CFE - FSA Register Information: http://www.fsa.gov.uk/register/firmBasicDetails.do?sid=61341 Registered in England No. 02505767 Registered Address: 17 Crosswall, London, EC3N 2LB Risk Warning Trading CFDs carries a high level of risk to your capital and is not suitable for all customers. Furthermore, margined products use leverage to increase the level of exposure to the product, and as a result your losses may substantially exceed your initial deposit and require you to make additional deposits at short notice. Prior to trading leveraged CFDs, you should carefully consider your investment objectives, experience and risk appetite and should not invest money that you cannot afford to lose. Spread Bets are leveraged products placing your capital at risk. Losses can quickly exceed your initial deposit and thus require you to make additional deposits at short notice to maintain your positions. Leveraged products are not suitable for all customers. Please ensure you understand the risks involved before opening an account. You should ensure you fully understand the risks and seek independent financial advice if in doubt. CFE provides an execution only service and does not offer investment advice. These products are not intended for people under the age of 18 or for US residents. The distribution of this note in other jurisdictions may be restricted by law and persons into whose possession this note comes should inform themselves about and observe any such restrictions. By accepting this note you agree to be bound by the foregoing instructions.

Click for more »

Day Ahead

Friday, March 15, 2013, Marketing Communication Cantor Opening Call The FTSE is seen opening up around 10 points higher today UK Corporate Announcements Rentokil Initial announces Q4 revenues of £663.2m and an adjusted operating profit of £74.1m and sees full year revenues of £2.55bn up 2.8% Bwin.Party reports pro forma revenues fell 2% to €801.6m and sees full year revenues for the full year slightly lower than the estimates but stays confident on the full year results JD Wetherspoon announces H1 sales of £624m and a pre-tax profit of £34.8m from £34.9m and aims for a reasonable outcome in the current year UK Market News Reports suggest that Tim Whyte the head of hedge fund Lodestone was amongst those arrested last month on suspicion of insider trading Mervyn King states that he does not expect sterling to fall further and that markets judged that the currency was at an appropriate level, and states that he sees the economic recovery in sight While the director general of the BCC has stated that UK growth was being hampered by amateur politicians The FT suggests that the UK is close to signing a tax deal with Guernsey Insurers will be eyed as MPs are due to examine the impact that whiplash injuries are having on the cost of car insurance The UK High Court is expected to rule later today on legal challenges that the government failed to follow proper procedures before approving the HS2 rail scheme HMRC is to close all of its 281 enquiry centres which offered face to face help to 2.3m with enquiries last year US regulators are reportedly looking at London’s gold and silver markets in what potentially could be a repeat of the Libor scandal The UK sells £4bn in bills at 11:10 EasyJet and London Stock Echange move into the FTSE 100 on the close tonight, at the expense of Intu Properties and Kazazkhmys Trading activity may be more than normal in today’s session on triple witching day UK Analyst Changes African Consolidated Rated New Buy At Panmure, Pt 12.7P Aggreko Raised To Buy Vs Hold At Deutsche Bank Aggreko Raised To Buy Vs Hold At Deutsche Bank Betfair Cut To Neutral Vs Buy At Nomura Compass Added To Ubs’S Most Preferred List G4S Cut To Underperform Vs Neutral At Bofaml Home Retail Group Raised To Neutral Vs Reduce At Nomura Iag Raised To Overweight Vs Equalweight At Morgan Stanley Imperial Tobacco Cut From Ubs’S Most Preferred List Provident Financial Cut To Sector Perform Vs Outperform At Rbc Rbs Cut To Equalweight Vs Overweight At Barclays Royal Dutch Shell Cut To Underweight Vs Neutral At Jpmorgan Travis Perkins Rated New Outperform At Rbc, Pt 1,550P UK Insider Buying Cvs Group Plc, (CVSG), 1 insider(s) bought 3000 shares, £1.89 Hyder Consulting Plc, (HYC), 1 insider(s) bought 6023 shares, £4.8 Intu Properties Plc, (INTU), 1 insider(s) bought 90000 shares, £3.31 Liontrust Asset Manage, (LIO), 1 insider(s) bought 8325 shares, £1.73 Purecircle Ltd, (PURE), 1 insider(s) bought 40000 shares, £2.55 Volex Plc, (VLX), 1 insider(s) bought 32286 shares, £0.97 UK Insider Selling Croda International Plc, (CRDA),  insider(s) sold 400 shares, £26.84 Hyder Consulting Plc, (HYC), 1 insider(s) sold 6023 shares, £4.7 FTSE 100 Movers Major European Companies Reporting Banco Popolare SC, R, -0.147,  Bwin.Party Digital Entertainment PLC, R, 0.14,  Dufry AG, R, 8.519,  Lindt & Spruengli AG, R, 1242.98,  Rentokil Initial PLC, R, 0.076,  Terna Rete Elettrica Nazionale SpA, R, 0.225,  UniCredit SpA, R, 0.191 European Market Summary EU Finance Ministers meet in Brussels as they detail the ongoing Cyprus rescue talks Vivendi has suspended the planned sale of its Brazilian phone and Internet unit GVT after failing to get a satisfactory bid Italy sells bills at 11:00 Major US Stock Movers After Hours The Fed has stated that Goldman Sachs and JP Morgan ‘exhibited weaknesses’ in their capital planning that were significant enough to require immediate attention, JP Morgan fell 2% on the news S&P 500 Companies Reporting None Detailed US Market News The business press details on how JP Morgan has been accused by a Senate panel of lying over its $6bn loss The Fed has stated that Goldman Sachs and JP Morgan ‘exhibited weaknesses’ in their capital planning that were significant enough to require immediate attention Microsoft will be in the news after reports that sales of its Surface tablet have been under the expectations, and Samsung today unveils its Galaxy S4 with eye-tracking functionality AT&T is reportedly looking to sell Cell towers, amongst other assets, as it looks to raise its cash Overnight Market News Japan’s upper house has confirmed Kuroda as its new central bank governor Real estate and related industries continue to be worth around 20% of China’s GDP and the major focus of the incoming leadership will be on deflating the city home prices without affecting wider economic growth Economic Data Due 10:00 Eurozone February CPI, 0.4% exp. -1.0% previous 12:30 US March Empire Manufacturing, 8.0 exp. 10.04 previous 13:15 US February Industrial Production, 0.3% exp. -0.1% previous 13:15 US February Capacity Utilisation, 79.3% exp. 79.1% previous 13:55 US Uni. of Michigan Confidence, 78.0 exp. 77.6 previous Economic Events S&P Index Quarterly Review Becomes Effective US Industrial Production Contact Us For Spread Bet Sales:- 0044 (0) 207 894 8800 For CFD Sales/Traders:- 0044 (0) 207 894 8883 Email:- sales@cantorcapital.com Footnotes Cantor Call, as at 7:00am Analyst Changes, as at 6:45am Times given are UK Local Time, (GMT or GMT +1 during BST) Insider Deals data compiled from Director/PDMR Shareholding forms published in the past 24 hours (ex weekends). Major European Companies defined as those companies in the STOXX Europe 600 Index FTSE 100 Movers, Blue >0.25%, Green <0.25% > -0.25%, Red < -0.25%, Font size dependent on percentage size of move This note is compiled using information / charts from financial data providers such as Bloomberg and Reuters, as well as from the general financial / business media Regulatory Disclaimer This market commentary note (“note”) has been issued by Cantor Fitzgerald Europe (“CFE”), which is authorised and regulated by the Financial Services Authority (“FSA”). Cantor Index is a trading name of CFE. This note is defined by the FSA as a marketing communication. This note has been prepared and distributed for information purposes only and represents the personal views and opinions of the sender. This note is not “investment research”, a “research recommendation” or a product of the Research Department. Please be aware that the CFE Research Department may issue a formal recommendation and target price on the stocks mentioned, which may differ from the opinion given here.  This note may contain information obtained by CFE from third parties; the source of information will usually be disclosed.  CFE makes no representation and gives no warranty as to the accuracy or completeness of the contents of this note. Any person placing reliance upon this note does so at their own risk. Investors should consider this note as only a single factor in making their investment decision. The investment discussed in this note may be unsuitable for investors depending on their specific investment objectives and financial position. CFE, its officers, employees and affiliates shall not be liable to any person in any way whatsoever for any losses, costs or claims howsoever arising from any inaccuracies or omissions in this note or any reliance on this note. The recipient is strongly recommended to see independent legal, tax and financial advice. Past performance is not necessarily a guide to future performance. Income from investments may fluctuate. The price or value of the investments to which this note relates; either directly or indirectly, may fall or rise against the interest of investors. This note should not be considered to be a solicitation nor an offer of advice for the purposes of the sale or purchase of any security, investment or derivative.  The information contained in this note is not intended to form the basis of any investment decision and should not be considered a recommendation by CFE or any other person in relation to any of the companies, stock, commodities, currencies or other markets mentioned / referred to in this note. All the information contained herein is based upon information available to the public and has been obtained from sources believed to be reliable. However, the information contained in this note has not been verified by CFE and CFE undertakes no obligation to provide recipients of this note with any additional information or any update to or correction of the information contained in this note. This note is provided by CFE and may be forwarded unamended and in its entirety. This note may not be used in whole or in part to create any other work. All rights reserved. CFE is authorised and regulated by the FSA under Firm Reference Number 149380.   CFE - FSA Register Information: http://www.fsa.gov.uk/register/firmBasicDetails.do?sid=61341 Registered in England No. 02505767 Registered Address: 17 Crosswall, London, EC3N 2LB Risk Warning Trading CFDs carries a high level of risk to your capital and is not suitable for all customers. Furthermore, margined products use leverage to increase the level of exposure to the product, and as a result your losses may substantially exceed your initial deposit and require you to make additional deposits at short notice. Prior to trading leveraged CFDs, you should carefully consider your investment objectives, experience and risk appetite and should not invest money that you cannot afford to lose. Spread Bets are leveraged products placing your capital at risk. Losses can quickly exceed your initial deposit and thus require you to make additional deposits at short notice to maintain your positions. Leveraged products are not suitable for all customers. Please ensure you understand the risks involved before opening an account. You should ensure you fully understand the risks and seek independent financial advice if in doubt. CFE provides an execution only service and does not offer investment advice. These products are not intended for people under the age of 18 or for US residents. The distribution of this note in other jurisdictions may be restricted by law and persons into whose possession this note comes should inform themselves about and observe any such restrictions. By accepting this note you agree to be bound by the foregoing instructions.

Click for more »